IRF.L Regulatory News (IRF)

9 Aug 2006 14:00

IRF European Fin Investments Ltd 09 August 2006 IRF European Finance Investments Ltd 9 August 2006 IRF European Finance Investments Limited ('IRF' or 'the Company') Proton Bank's six months results The Company is pleased to announce that Proton Investment Bank S.A. ('ProtonBank'), in which the Company owns a 28 per cent. interest, has today reportedfavourable operating results for the first half of 2006. Consolidated gross operating income for the Proton Group during the period 1January to 30 June 2006 amounted to €33.25 million versus €12.51 million for thesame period of 2005. Profit before tax was €22.8 million for the six-monthperiod of 2006 versus €4.17 million for the same period 2005 and net income forthe Proton Group was €20.5 million versus €3.63 million in 2005 for the sameperiod. Gross operating income for the Bank was €26.77 million for the six-month periodof 2006 versus €8.54 million in the first half of 2005, profit before taxreached €21.65 million versus €4.49 million in 2005. Net income was €19.58million for the six-month period of 2006 versus €4.35 million in 2005 for thesame period. A copy of Proton's press release is attached. PRESS RELEASE Proton Bank Reports Profits of €20,5m for the First Half of 2006 Proton Bank reported a substantial increase in profits for the first half of2006 both at the Group and the Bank level. More specifically, consolidated gross operating income for the Group during theperiod January 1st to June 30th 2006 amounted to • 33,25 million, versus • 12,51million for the first half of 2005, profit before tax was • 22,8 versus • 4,17million for 2005 whereas net income for the Group reached • 20,5 million versus€3,63 million in 2005 for the same period. During the first half of 2006, gross operating income for the Bank was • 26,77million versus • 8,54 million in the first half of 2005, profit before taxreached €21,65 million versus • 4,39 million in 2005, and net income stood at •19,58 million versus • 4,35 million in 2005 for the same period. Merger procedures with Omega Bank are progressing smoothly and completion isexpected to take place according to the timetable by September end 2006. The newentity which will be created after the merger will have a capital base ofapproximately • 300 million, total assets exceeding • 1,5 billion, advances of •900 million and a deposit base of €1,1 billion. The new group will focus on a wide range of commercial and investment bankingservices through a network which will number 25 branches by the end of 2006. Inaddition it will continue its expansion plans through its affiliates in AssetManagement and Alternative Asset Investments. This information is provided by RNS The company news service from the London Stock Exchange